Argentine stocks rise in thin trade, bonds lower

viernes 25 de julio de 2008 18:42 ART
 

BUENOS AIRES, July 25 (Reuters) - Argentine stocks rose on Friday led by index heavyweight Tenaris (TENA.BA: Cotización) and other energy-related stocks, while bonds fell on profit-taking in cautious trade, traders said.

The MerVal benchmark stock index .MERV closed up 0.43 percent at 1,910.23 points, trimming its losses in July to 9.38 percent.

Tenaris, the world's top producer of seamless steel tubes for the energy industry, saw its stock gain 1.89 percent to finish the session at 91.7 pesos per share.

"The MerVal bounced back along with Tenaris ... and the utility-related stocks, especially those linked to electricity and natural gas due to the current rumors," said Ruben Pascuali, a trader at the Mayoral brokerage, referring to media reports that the government is considering raising tariffs.

The government has made no comment on the reports.

Shares in power distributor Edenor EDN.BA rose 0.49 percent to 2.06 pesos per share, while generator firm Pampa Holding (PAM.BA: Cotización) gained 1.74 percent to 1.75 pesos.

Trade volume on the MerVal remained a thin $16 million. Of active shares, 37 advanced, 49 retreated and 16 were unchanged.

BONDS, PESO

Argentine bonds <AR/BONOS> fell on profit-taking in choppy trade marked by investor caution over the political climate, traders said.   Continuación...